OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hello friends

Although the price broke the resistance level of 2077-2065 and climbed,
But immediately we saw the price drop

For the following reasons, I think, the main move in the weekly time frame is bearish
But before that, we have an upward pullback (at Fibonacci levels).

Monthly time frame:
- Nothing can be said about the candle, because it is not yet complete
- RSI; Divergence
- Stoch RSI; Above 80
- MACD; Weakened uptrend and divergence

Weekly time frame:
- A strong bearish candlestick with a long shadow that has hit a strong support zone
- RSI; Divergence
- Stoch RSI; Above 80, divergence and downward tendency
- MACD; Divergence and tendency to decline

Daily time frame:
- With a relatively strong bearish candle, the bottom of the channel was broken and the price reached the support level
- RSI; About 50
- Stoch RSI; About 7 and tend to climb
- MACD; Tendency to decrease

4H time frame:
- RSI; About 30
- Stoch RSI; Under 10 and the desire to climb
- MACD; Convergence and tendency to climb

Smaller time frames tend to go up
In my opinion, the most important Fibonacci levels in this trend are 0.236(2031) and 0.5(2072)

Be profitable

Thank you for expressing your opinion with likes and comments

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.